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Spreads widen after string of surprise jumbo tech trades
◆ Attractive level found versus dollars ◆ Pricing not so dear compared to secondaries ◆ Reverse Yankees dominate credit flow
Higher rates a stumbling block for issuers that could overshadow strong demand
Deep, liquid US market offers issuers size, attractive cost and investor diversification
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Germany’s Deutsche Bahn printed a €2bn dual tranche hybrid trade on Monday, with bankers off the deal heaping accolades on the borrower. -
Institutional investors from the US have been lending to German borrowers using the Namensschuldverschreibungen (NSV) — a non-callable registered instrument that is, unlike the Schuldschein, non-cancellable after 10 years. But some are sceptical of their involvement in the market, as they are of US lenders participating in the Schuldschein market.
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High grade corporate borrowers were quick out of the traps on Monday, cramming in before the blackout period to raise around €5bn-equivalent of bond funding from order books many multiples of that.
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Germany’s ZF Friedrichshafen set final terms on a multi-tranche €2.7bn bond on Monday, with the car parts maker seeing far more demand at wider spreads than where it raised a similar amount in the Schuldschein market in recent weeks.
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Bureau Veritas, the unrated certification agency headquartered in Paris, has entered the US private placement, according to market participants.
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UBS names levfin head — Mizuho finds four high yield bankers — Fintech firm Nivaura gives role to ex-HSBC syndicator
